THE PRESIDENT: Thank you, please be seated. Thank you all for coming. I
am pleased that legislation extending the Andean Trade Preference Act has
made it to my desk, and I'm looking forward to signing this piece of
legislation.

With this bill, our nation is showing our commitment to economic growth in
our hemisphere -- and to a global system based upon free and open trade.
And I want to thank the United States Congress for passing this bill with
strong bipartisan support.

Appreciate members of my administration who worked hard on the bill: Condi
Rice, Carlos Gutierrez, and Sue Schwab. I want to thank members of the
Diplomatic Corps who have joined us. I welcome Luis Moreno, the President
of the Inter-American Development Bank. I want to thank the members of the
congressional staff who are here.

Across the world, citizens are concerned about the financial crisis -- and
they should be. And our governments are working together to address it.
This past weekend, I met with the finance ministers from the G7 and G20 --
organizations representing some of the fastest- and largest-growing
economies in the world. Yesterday, I joined other G8 leaders in a
statement that reaffirms our commitment to resolve the crisis. In other
words, we're working together. We want to make sure we're coordinated in
our response. All our nations are carrying out a comprehensive plan of
action to help unfreeze credit markets and restore confidence in our
financial systems.

These are urgent short-term steps. In the long run, one of the best ways
to restore confidence in the global economy is by keeping markets open to
trade and investment. Last year, America set a record by exporting more
than $1.6 trillion of goods and services. Exports now make up a greater
share of our gross domestic product than at any time in our history.
People find good-paying jobs when they work for businesses that export.

Opening markets benefits our trading partners. For example, this deal,
this law I'm signing, will help hardworking people in countries affected.
It will help people have a better way of life. We want there to be a
prosperous neighborhood. It's in the interest of the United States that
prosperity spreads throughout our neighborhood.

So Congress was right to pass this bill ensuring duty-free access to the
U.S. market for trading partners in South America, including our friends
Colombia and Peru. The Andea [sic] Trade Preference Act allows us to
suspend trade preferences with countries that do not live up to their
promises. And unfortunately, Bolivia has failed to cooperate with the
United States on important efforts to fight drug trafficking. So, sadly, I
have proposed to suspend Bolivia's trade preferences until it fulfills its
obligations.

Now that members of Congress have ensured duty-free access for American --
South American products entering our markets, they also need to ensure
duty-free access for U.S. products entering South American markets.
Congress has a good opportunity to take a step in that direction by
approving our free trade agreement with Colombia. More than 90 percent of
Colombia's exports currently enter the U.S. duty free. Yet American goods
sold in Colombia continue to face high tariffs. The Colombia free trade
agreement would eliminate these trade barriers. It will level the playing
field for America's businesses and farmers and ranchers and workers.

Seems to me it would make a lot of sense to simply asking the Congress to
sign a trade deal that allows us to be treated just like we've treated
other people. Unfortunately, nearly two years have passed since the United
States and Colombia signed our free trade agreement. During that time, an
estimated $1.3 billion of tariffs have been levied on American products
exported to Colombia. These tariffs reduce the competitiveness of
thousands of American companies that do business in that nation. By
approving our free trade agreement, Congress can directly benefit American
workers and ranchers and farmers -- and give them greater confidence about
our economic future.

Congress is coming back to Washington next month. One of their top
priorities should be to approve this vital agreement with Colombia -- as
well as with Panama and South Korea. These free trade agreements will
strengthen our relationships with key allies. They will create new
opportunities for our consumers and businesses. They will reassure our
trading partners that America will not give in to pessimism or
protectionism. They will show that we honor our commitments.